Returns On Capital At Leyard Optoelectronic (SZSE:300296) Paint A Concerning Picture
Returns On Capital At Leyard Optoelectronic (SZSE:300296) Paint A Concerning Picture
What underlying fundamental trends can indicate that a company might be in decline? Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a decreasing amount of capital employed. Ultimately this means that the company is earning less per dollar invested and on top of that, it's shrinking its base of capital employed. So after we looked into Leyard Optoelectronic (SZSE:300296), the trends above didn't look too great.
哪些潛在的基本趨勢可以表明公司可能正在衰退?通常,我們會看到兩者的趨勢 返回 在資本使用率(ROCE)下降時,這通常與下降同時發生 金額 所用資本的比例。歸根結底,這意味着該公司每投資1美元的收入減少了,最重要的是,它正在縮小其使用的資本基礎。因此,在我們研究了利亞德光電(深圳證券交易所代碼:300296)之後,上述趨勢看起來並不太好。
What Is Return On Capital Employed (ROCE)?
什麼是資本使用回報率(ROCE)?
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. The formula for this calculation on Leyard Optoelectronic is:
如果你以前沒有與ROCE合作過,它會衡量公司從其業務中使用的資本中產生的 “回報”(稅前利潤)。利亞德光電的計算公式爲:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益(EBIT)÷(總資產-流動負債)
0.052 = CN¥518m ÷ (CN¥15b - CN¥5.0b) (Based on the trailing twelve months to September 2023).
0.052 = 5.18億元人民幣 ÷(15億元人民幣-50億元人民幣) (基於截至2023年9月的過去十二個月)。
Thus, Leyard Optoelectronic has an ROCE of 5.2%. On its own that's a low return on capital but it's in line with the industry's average returns of 5.0%.
因此,利亞德光電的投資回報率爲5.2%。這本身就是很低的資本回報率,但與該行業5.0%的平均回報率一致。
See our latest analysis for Leyard Optoelectronic
查看我們對利亞德光電的最新分析
![roce](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240106/0-7b14b1ca68fdc3e40324d9200a481a20-0-84f9fae89f39f1755ba587118352c248.png/big)
In the above chart we have measured Leyard Optoelectronic's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Leyard Optoelectronic.
在上圖中,我們將利亞德光電先前的投資回報率與之前的表現進行了對比,但可以說,未來更爲重要。如果你想了解分析師對未來的預測,你應該查看我們的利亞德光電免費報告。
So How Is Leyard Optoelectronic's ROCE Trending?
那麼利亞德光電的投資回報率趨勢如何呢?
There is reason to be cautious about Leyard Optoelectronic, given the returns are trending downwards. Unfortunately the returns on capital have diminished from the 18% that they were earning five years ago. Meanwhile, capital employed in the business has stayed roughly the flat over the period. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. So because these trends aren't typically conducive to creating a multi-bagger, we wouldn't hold our breath on Leyard Optoelectronic becoming one if things continue as they have.
鑑於回報率呈下降趨勢,有理由對利亞德光電持謹慎態度。不幸的是,資本回報率已從五年前的18%有所下降。同時,在此期間,該業務使用的資本基本保持不變。由於回報率下降且該企業的資產數量相同,這可能表明它是一家成熟的企業,在過去五年中沒有太大的增長。因此,由於這些趨勢通常不利於創造多袋機,因此,如果情況繼續保持現狀,我們就不會屏住呼吸希望利亞德光電成爲多袋機。
Our Take On Leyard Optoelectronic's ROCE
我們對利亞德光電ROCE的看法
In the end, the trend of lower returns on the same amount of capital isn't typically an indication that we're looking at a growth stock. Investors haven't taken kindly to these developments, since the stock has declined 16% from where it was five years ago. With underlying trends that aren't great in these areas, we'd consider looking elsewhere.
歸根結底,相同數量的資本回報率下降的趨勢通常並不表示我們正在考慮成長型股票。投資者對這些事態發展並不友善,因爲該股已比五年前下跌了16%。由於這些領域的潛在趨勢並不理想,我們會考慮將目光投向其他地方。
If you'd like to know about the risks facing Leyard Optoelectronic, we've discovered 3 warning signs that you should be aware of.
如果你想了解利亞德光電面臨的風險,我們發現了3個警告信號,你應該注意。
While Leyard Optoelectronic isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
儘管利亞德光電的回報率並不高,但請查看這份免費清單,列出了資產負債表穩健的股本回報率高的公司。
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Simply Wall St 的這篇文章本質上是籠統的。我們僅使用公正的方法提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。